Daily Markets Briefing: STI down 0.06%

But expect some boost today.

The Straits Times Index (STI) ended 1.77 points or 0.06% lower to 2911.31 on Tuesday, taking the year-to-date performance to +0.99%.

According to OCBC Investment Research, this came as U.S. stocks rose, with the Dow and Nasdaq hitting their latest in a series of records, as the market’s recent upward trend — led by a rally in bank stocks — continued unabated.

Meanwhile, eight out of eleven S&P 500 industries ended higher, with Financials (1.12%) leading the gains while Consumer Staples (-0.30%) led the declines.

"The continued gains on Wall Street overnight could provide a modest boost to the local bourse today," OCBC said.

Here's more from the brokerage firm:

Gold for Feb delivery lost US$9.10, or 0.80%, to close at US$1133.60/ounce while Mar Silver increased by 3 cents, or 0.17%, to settle at US$16.12/ounce.

On the upside, we peg the initial hurdle at 2955, ahead of 2980. Persistent failure to clear the 2955 level could send the index easing towards 2900, and even 2870.

Overall volume slipped 13.1 % with 1.6b units traded, but the total value jumped 8.9% to S$1.0b as average value/unit rose 25.3% to S$0.59.

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